Industry
The Ontario Provincial Auto Theft Team received congratulations from the Insurance Bureau of Canada (IBC) on its involvement in Project Eastbound and the resulting bust of an inter-provincial auto theft ring that recovered CD$6million in high end vehicles.”Auto theft is a very serious crime that costs Canadians more the (CD)$1.2 billion every year,” Rick Dubin, […]
By Canadian Underwriter | October 25, 2006
1 min read
The York Fire & Casualty Insurance Company recently joined the Insurance Brokers Association of Canada (IBAC)’s branding campaign, which demonstrate the company’s commitment to Canadian insurance brokers, according to IBAC.As a Full Partner in IBAC’s branding campaign, IBAC CEO Dan Danyluk says Mississauga-based York Fire & Casualty is showing a supportive vote of confidence for […]
Ontario has approved an average rate decrease of 0.46% for private passenger auto insurance during the third quarter of 2006, the Financial Services Commission of Ontario (FSCO) has reported.Almost 80% of the Ontario market had rate changes approved during the third quarter of 2006. The rate decrease during 2006 Q3 represents the smallest average quarterly […]
By Canadian Underwriter | October 24, 2006
2 min read
Everest Re Group Ltd. recently reported a net income of US$634.5 million for the third quarter of 2006, a distinct improvement from the net loss of US$56.5 million reported for the same period in 2005. These results indicate a trend toward higher net income in financial results for a number of other Bermuda-based reinsurers.PartnerRe Ltd. […]
ARI Financial Services Inc., a leading fleet management company, has partnered with the CertifiedFirst Network . CertifiedFirst will serve as ARI’s collision repair service provider. Operated by PPG Industries, CertifiedFirst says it offers the breadth of coverage and service excellence to put ARI vehicles back where they belongon the road. “This agreement promises tremendous benefits […]
Recent improvements in the U.S. property and casualty insurance industry’s overall reserve levels might not last moving into 2007, according to an article recently published by Standard & Poor’s Ratings Services. The article “Reserving Discipline For U.S. Property/Casualty Insurers Is Here, But Is It Sustainable?” indicates that the industry has experienced closer to adequate reserve […]
By Canadian Underwriter | October 20, 2006
Standard & Poor’s Ratings Services has raised the insurer financial strength and long-term counterparty credit ratings on ING General Insurance Co. Ltd. (ING GIHK) to ‘A-‘ from ‘BBB+’. S&P’s says the outlook is stable.”The rating action reflects the company’s strengthened capitalization and strong and sustainable profitability,” S&P’s credit analyst Paul Clarkson says. It also reflects […]
Canadian Prime Minister Stephen Harper positioned his government’s support for independent brokers in the recent Bank Act review issue as a simple matter of fulfilling a campaign promise.He made his remarks during a speech to more than 1,500 people attending the Insurance Brokers Association of Ontario (IBAO) annual general meeting in Niagara Falls.”In the letter […]
By Canadian Underwriter | October 19, 2006
Insurance brokerages controlled by “financial institutions” such as insurance companies, credit unions, trust companies or banks have now been excluded from voting membership in the Insurance Brokers Association of Ontario (IBAO), according to a bylaw the association passed at its annual general meeting in Niagara Falls.The bylaw amendment defines “control” by a financial institution as […]
ING Canada recently opened their new head office at 700 University Avenue in the heart of Canada’s insurance district with an inaugural ceremony featuring Mayor David Miller and MPP and parliamentary assistant to the Ontario Minister of Finance Wayne Arthurs. Outgrowing their previous offices, ING relocated all their staff to a single downtown location. ING […]
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